FRANKFURT — BMW said on Tuesday it was recalling about 1.5 million vehicles due to problems with their brakes and cut its outlook for the year, sending the German luxury carmaker's shares tumbling.
FRANKFURT — BMW said on Tuesday it was recalling about 1.5 million vehicles due to problems with their brakes and cut its outlook for the year, sending the German luxury carmaker's shares tumbling.The development will hit revenues in the second half of the year, said the group, which also includes the Rolls-Royce and Mini brands.The financial impact in the three months to the end of September will be in the 'high three-digit million' euro range, it said.
'As well as the impact of the recall, BMW said 'the ongoing muted demand in China is affecting sales volumes. Despite stimulus measures from the government, consumer sentiment remains weak.'Munich-headquartered BMW now expects a slight decrease in vehicle deliveries this year compared to last, having previously forecast a slight increase.It did not give a precise figure. In 2023, deliveries of BMW, Rolls-Royce and Mini vehicles stood at 2.56 million.
Recalls 1.5-M Cars Over Bad Brakes
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